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4 Steps to Grow Your Business

4 Steps to Grow Your Business

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Growing your business requires a systematic and disciplined approach that is similar to the plans you set forth when starting your business. In today’s fast and challenging business environment, it is necessary to have a proven process in place to grow successfully. We at Sina Advisory Group call this process the Four-Step Growth Cycle. Here is a glimpse of how this process will take your company to the next level of success. Let one of our professionals work with you to achieve your optimum growth potential.

Vision

It’s the time that you work “on” your business, rather than “in” your business. It’s about sitting back and thinking about the stated aims and objectives of your business, what is so unique about you and your business, your target market, and who will be leading the path to growth and profitability.

  • Business Goals and Objectives: This stage involves thinking about what you are trying to achieve.
  • Business Uniqueness: Determining what makes your business different from any other companies in your industry.
  • Target Market: Defining the typical customer you are hoping to draw and retain.

Planning

It’s important to develop a roadmap that defines a step-by-step action plan for success. You should be able to provide answers to five “Ws” and one “H”: Who, What, When, Where, Why, and How. Once you have answered these specific questions, then you can move forward in finding ways to begin your journey of success. Some ideas may include:

  • Improving your inventory turnover
  • Controlling cost of sales
  • Managing payroll expenses
  • Exceeding your current customers’ expectations
  • Establishing a Refer-A-Friend program
  • Devising a reward system for employees who meet or exceed sales goals.
  • Opening a new location
  • Introducing a new product or service
  • Forming a power- partnership with other local businesses to deliver value-added products and services
  • Expanding to other markets
  • Designing a winning website to enhance your online presence

Below is an example of an effective action plan. Let’s assume that a retail clothing store is having great success in all metropolitan areas and the owner is planning to open new locations:

What

When

Where

Why

Who

How

New location

By May 2014

Walnut Creek, CA

Demand based on market research

The owner will lead the project

See Business Plan

An outline of a business plan:

Summary

Business or project concept 
Current situation/market
Key success factors 
Financial situation/needs

Vision

Vision statement 
Indicators

Market analysis

The overall market 

Location of the business/shop/branch
Changes in the market 
Market segments 
Target market and customers 
Customer characteristics 
Customer needs 
Customer buying decisions

Competitive analysis

Industry overview 
Nature of competition 
Changes in the industry 
Primary competitors 
Competitive products/services 
Opportunities 
Pressures and risks

Plan

Key competitive capabilities 
Key competitive weaknesses 
Action plan 
Implementing strategy

Products/services

Product/service description 
Positioning of products/services 
Competitive evaluation of products/services 
Future products/services

Marketing and sales

Marketing strategy 
Sales tactics 
Advertising 
Promotions/incentives 
Publicity 
Trade shows

Community involvement

Operations

Management

Key team members
Organizational structure 
Human resources plan

The technology used 
Product/service delivery 
Customer service/support 
Facilities

Financial Data

Assumptions and comments 
Starting balance sheet 
Profit-and-loss projection  (three years)
Cash flow projection  (three years)
Balance sheet projection  (three years)
Ratios and analyses 

 

Supporting Documents

Resumes

Copies of leases

Copies of contracts

Copies of permits

 

Implementation

Executing your well-defined action plan is the most vital step. If you have the best vision and plan, but you are not able to implement the plan, you will not be able to successfully achieve your goals. At this step, you have to create the best follow-up, follow-through, and inspection of what you are expecting from the system to achieve the best possible outcome. You have to lead by example to ensure that all members of your organization, both department heads and employees, understand the mission, and that they are all on board. Specific recommendations include:

  • Training and coaching workshops – train and coach employees who are the face of your company. Answer the basic question: Why we are doing this, and how (six Ws)?
  • Team development – hiring and training the best employees
  • Client Relationship Management (CRM) – follow up, follow-through, and sales management system
  • Periodic plan review – annual or semiannual action plan reviews to maintain a living and updated roadmap
  • Key Performance Indicators (KPI) – a type of performance measurement
  • Performance Improvement Process (PIP) – a type of team performance measurement and improvement assessment
  • Six Sigma Strategy – a set of tools and techniques/strategies for process improvement
  • Utilization of technology to streamline implementation
  • Incentive Plans  – a policy to reward the top performers

Tracking

Monitoring the results of your plan will ensure that your vision becomes a reality. At this step you will generate sales reports, key performance reports, and other necessary documentation to showcase your achievements, reward great performers, and improve areas that need attention.

Recommendations may include:

  • Individual, group, and company-wide sales reports
  • Inventive and commission reports
  • Customer satisfaction reports
  • Productivity reports
  • Expense reports
  • Inventory reports

As you can see, the process of growing your business requires many steps and strategies to achieve your individual goals and incentives. Let Sina Advisory Group partner with you through the Four-Step Growth Cycle to lead you in the right direction towards the future success of your company. 

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